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It is very interesting no one is talking about the hinted suggestion that EMH may be diluted at the project level in Geomet . Suggested , off takers to take a stake with prepayments , Also ERBD wont want any more shares in EMH , I would certainly think they too will want to be in at the project level . And they all will want a board seat to oversee their investment .

What does that mean , at least the share holder agreement in Geomet quantifies both partners will be diluted equally .

Now , when you get say two players that want to give you $100 mil each . How many shares do you give them ??????????

At the moment there will probably only be 100 shares in Geomet , 51 for CEZ and 49 for us . That doesn't sound like enough shares to go around ??????

The whole trick here is GEOMET will need to be independently Valued to asses what the $100 Mil each would be in terms of precentage of the whole value of the project . I am thinking we can reverse engineer a value and a percentage that we may give away . I am liking the 5% figure below , we dont want to give away too much .

Cash Input Valuation

$200,000,000 $1,000,000,000 20.00%

$200,000,000 $2,000,000,000 10.00%

$200,000,000 $3,000,000,000 6.67%

$200,000,000 $4,000,000,000 5.00%

$200,000,000 $5,000,000,000 4.00%

$200,000,000 $6,000,000,000 3.33%

$200,000,000 $7,000,000,000 2.86%

$200,000,000 $8,000,000,000 2.50%

$200,000,000 $9,000,000,000 2.22%

$200,000,000 $10,000,000,000 2.00%

But then hey PRESTO the project now has a valuation out side of any international broking platforms . I wander how the share price will then perform in each international duristriction . We all know stockmarkets can get it all wrong .

On the point of the offtake based on above , I would certainly be happy , to get the project further down the line ie CRMA critical Raw Material Status etc to create that whole value in Geomet B4 an offtaker flashed some cash at us . The higher the Geomet Value the less dilution . And then add Geomet will mostly be funded with loans , grants and others . EMH will not only get diluted by a small amount in Geomet , but will not also be diluted as EMH as we may not need any cash for capex . The kicker here in my example above EMH will still own 46.5 % of the project valued at $1,860,000,000 Or $8.96 aud a share . Even halving it is still monumentous . Oh how the stock markets get it so wrong .

EMH very comfortable about Future and time lines .

DFS time line known in 2 weeks to a month .

All changes to DFS are very favorable .

All new changes to DFS and site will shorten all permitting , build and production time lines .

Geomet to lease site from CEZ .

Three block rights ( cost $10 mil ) will be closed out for old idea , one block will remain , expected a return of aprox 10 mil paid capital , to Geomet which was loaned by EMH .

Restacking tailings will still happen with return rail carts of minimum 35% not sure where the balance 65 % goes , but maybe good road base .

Just fund 1st hurdle to be announced this month . Will be aproved by JASPER ( don't who this is ) one month later aproval from Regional area , and one month later by Federal Gov , time line to funds in bank July .

Still looking at Offtake B4 DFS and possibly 2 from EU based Companies . My guess LG and CEZ

Permits are broken into 2 categories Processing and Mining , Processing is a new application for new site , Mining has been acccepted some time ago , but both need to be applied for at same time and can only officialy be done after DFS but well infront of time curve .

We tick all boxes to ERBD which we report on monthly basis .

Both EIB and ERBD will fund project ( probably 75% as i have stated B4 )

Apparently normal now to get financial assistance with offtake partner .ie some prepaid or equity deal in Geomet .

Geomet not sure at this stage , what percentage of production will be locked up with a floor and ceiling with offtakes . ( great in my terms )

Cash flow : EMH have enough til DFS , ie no cap raise until FID . EMH currently have $5 mil in bank .

Geomet revising budget but expect Just fund in July , so plenty there too , with a property refund as well .

CEZ not allowed take over at all until construction decision , if dead lock , it goes to independant evaluation .

Catalysts , Macro , EU just very slow but is happening both EU and in country .

Micro , What is DFS , what is increased production , KC hinted a five in front of tonnes , thouth he was being conservative , probaly the 60 k tonnes already mentioned in past .

Be prepared for possible increase of both Capex and opex , our numbers 3 years old .

it has become normal now for offtakers to provide finance assistance , all Europe will be buying our Lithium .

Total length of permitting Period only after DFS , CRMA will assist no end .

Howard , reiterated at very start about broker valuation and particularly Ireland's , are 4 to 6 times current Market Cap ie in the $2 ( two dollars mark ) aud ( one pound above mark ) .

Very good exciting times in next few months , the new site had been included in current DFS for three months already . A couple of site visits will need to tweak the DFS .

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